Tag: in-store mobile payments

In store mobile payments were few on Black Friday

Cayan data revealed that Americans didn’t turn to their smartphones to complete transactions very much.

Transaction processing firm Cayan showed that in store mobile payments in the United States were low on Black Friday. Fortune Magazine reported on the data and indicated that even though mobile wallet use is rising, it is still tiny. That payment method represents only a very small percentage of the overall total.

In fact, the mobile wallet use in store on Black Friday made up only 0.6 percent of sales.

The Cayan in store mobile payments data suggests a 100 percent year over year usage increase. However, it still shows that the percentage it represents of the total is only just a fragment above being entirely insignificant. The only reason that percentage meant anything at all was because the total sales on all payment methods on Black Friday was such a large figure.

In Store Mobile PaymentsDespite that fact, this makes it very clear that mobile payment adoption remains an exceptionally slow process. It is far from being mainstream as of yet.

Other data has shown that some in store mobile payment methods are more successful than other.

PYMNTS and InfoScout data showed that the use of the Apple Pay mobile wallet is actually declining in popularity. Their data revealed that over the last year, the growth rate for usage has slowed down.

Data from October 2016 showed that only 23 percent of consumers with an appropriate iPhone had actually tried the mobile wallet. That was essentially the same statistic that was recorded back in March 2016.

Moreover, mobile wallet use while in-store has not been doing much better. It has not been keeping up with the rate of growth of m-commerce as a whole. Still, even though there is a low conversion rate, PayPal recorded some strong figures over the holiday weekend that launched the shopping season. About 1 in 3 online purchases using PayPal were made over mobile.

Similarly, Adobe recorded that 45 percent of traffic to retail sites came from smartphones and 25 percent of e-commerce sales were from mobile devices. This suggests that customers are using their smartphones, they simply aren’t using in store mobile payments quite yet.

In-store mobile payments are booming in the US

More consumers are using their mobile devices to make purchases in physical stores

In-store mobile payments are becoming more common in the United States, according to a new report from Deloitte. The report shows that more consumers are beginning to use their smartphones in stores, taking advantage of the mobile payments systems that retailers have in place. Retailers have been reporting an increase in mobile traffic in their digital channels, but more merchants are beginning to see consumers making payments with their smartphones and other devices in physical stores.

Report shows that in-store mobile transactions have grown by 18% in 2015

According to the report from Deloitte, the use of mobile payments in physical stores has grown by 18% this year. The report shows that 3% of shoppers are making in-store mobile payments every day, with 5% doing so every week. The most popular use of mobile payments among these consumers was for public parking. Consumers are also using their mobile devices to make purchases at gas stations, coffee shops, and fast food restaurants. Consumers between the ages of 25 and 34 are the leading demographic in the mobile payments sector.

Consumers still have significant security concerns regarding mobile payments

Mobile Payments - In StoreThough consumers are beginning to show more support for mobile payments, they also have significant security concerns. The report shows that these concerns are the leading reason many people do not make mobile transactions. Approximately 49% of consumers place their trust in banks and other financial institutions for the provision of the payment services they use. Companies involved in the mobile commerce space have taken note of the security concerns that consumers have, with many introducing new technology to ensure the safety of consumer information.

Retailers are embracing mobile payments in order to engage consumers

Deloitte has noted that mobile devices are becoming much more than communication tools. More consumers are beginning to rely heavily on their smartphones and tablets for commerce. With more consumers entering into the mobile commerce space, retailers are expected to show more support for mobile payments system, ensuring that they have the ability to engage mobile consumers.